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Company news about China announces plans for steel output cuts to help restructure industry

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China announces plans for steel output cuts to help restructure industry

2025-03-05
BEIJING, March 5 (Reuters) - China will restructure its giant steel industry through output cuts, although it did not announce any target in its most recent intervention to address overcapacity in the sector, which is sparking world trade frictions.
The world's largest steelmaker and consumer will "promote restructuring of the steel industry through output reduction", according to an official report on Wednesday.
China did not say how large output cuts would be, but prices of steelmaking ingredients have been falling in the past week amid speculation Beijing would cut about 50 million metric tons of crude steel output.
China's state planner and state-backed China Iron and Steel Association did not respond to Reuters' requests for comment.
"Looking through the Two Sessions during 2019-2024, it's the first time the National Development and Reform Commission (NDRC) proposes to cut steel production in its draft plans," Citi analysts said in a note.
"Previously, it focused on industrial transformation, carbon emission, and industry consolidation within the space."
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Company news about-China announces plans for steel output cuts to help restructure industry

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China announces plans for steel output cuts to help restructure industry

2025-03-05
BEIJING, March 5 (Reuters) - China will restructure its giant steel industry through output cuts, although it did not announce any target in its most recent intervention to address overcapacity in the sector, which is sparking world trade frictions.
The world's largest steelmaker and consumer will "promote restructuring of the steel industry through output reduction", according to an official report on Wednesday.
China did not say how large output cuts would be, but prices of steelmaking ingredients have been falling in the past week amid speculation Beijing would cut about 50 million metric tons of crude steel output.
China's state planner and state-backed China Iron and Steel Association did not respond to Reuters' requests for comment.
"Looking through the Two Sessions during 2019-2024, it's the first time the National Development and Reform Commission (NDRC) proposes to cut steel production in its draft plans," Citi analysts said in a note.
"Previously, it focused on industrial transformation, carbon emission, and industry consolidation within the space."
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